catwifhat ($CWIF) is 383.5× the size of CATO (CATO) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.17 across 32 shared trading days). $CWIF has been the more volatile of the two, at 131% annualised against CATO's 81%.
CATO$CWIF
-0.17over 32 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | CATO | $CWIF |
|---|---|---|
| Max drawdown (400d) | -41.7% | -49.5% |
| Risk-adjusted return (90d) | 0.63 | -0.33 |
Relative strength over 90 days: CATO outperformed $CWIF by 59.1% — measured on the CATO/$CWIF ratio, so it holds regardless of market direction.